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'nathanial', I'm estimating $3.50 - $4.50.
'Tdogwm' correct, it would make no since at this juncture to do a R/S. It would be meaningless, as it would barely tale the stock above the $1.00 mark.
When this dilution is done the share price will rise on it's own accord to the NAV.
'nathanial', no change that I can see. Not sure why it was down. Maybe a server upgrade, who knows.
'nathanial', yep, stay tuned. Anything is possible here. I'm thinking something great tomorrow.
TOPS website under construction.
The website states "Central Group" under construction.
Name change and merger in the works???
This may happen here. Be real careful on shorting TOPS. Refer below to a message in the comment section of the Seeking Alpha article link below.
AlbertAFT
Comments (43) |+ Follow |Send Message
Thanks for the reply Vito, much appreciated. There is one reason why GE would do it, which is because he wants to be the biggest at all costs, along with his addiction to acquire more ships. One way to get those additional ships is by acquiring TOPS. Again, the timing of canceling that Kalan deal, and with TOPS selling those shares to Kalani (at the exact same time), and with Kalani able to resell those shares, it seems all a little suspect. Is Kalani a middle player and somewhat brokering a buyout between the two? Still scratching my head over that scenario. Legal, but a little sneaky I suppose, if this is accurate anyway.
Also should add, another reason GE would do it is because the overall share price will skyrocket, and with him in control, and then maybe he gets his 1.5 billion networth back, lol.
26 Aug 2017, 03:16 PM
https://seekingalpha.com/article/4100717-dryships-kalani-deal-legal
Shorts going to get burned soon.
Historical Naked Short Vol Data for TOPS
Date Close High Low Volume Short Volume % of Vol Shorted
Aug 24 NA NA NA 820,705 503,014 61.29%
Aug 23 NA NA NA 431,269 322,780 74.84%
Aug 22 NA NA NA 729,882 398,034 54.53%
Aug 21 NA NA NA 370,317 208,004 56.17%
Aug 18 NA NA NA 1,076,717 588,610 54.67%
Aug 17 NA NA NA 325,709 177,201 54.40%
Aug 16 NA NA NA 551,630 279,969 50.75%
Aug 15 NA NA NA 701,313 419,982 59.89%
Aug 14 NA NA NA 1,577,896 721,226 45.71%
Aug 11 NA NA NA 1,508,564 369,396 24.49%
Aug 10 NA NA NA 1,078,064 538,553 49.96%
Aug 09 NA NA NA 615,017 250,264 40.69%
Aug 08 NA NA NA 500,135 211,358 42.26%
Aug 07 NA NA NA 253,620 152,275 60.04%
Aug 04 NA NA NA 636,135 294,842 46.35%
Aug 03 NA NA NA 1,708,151 408,804 23.93%
Aug 02 NA NA NA 4,295,617 1,242,251 28.92%
Aug 01 NA NA NA 2,895,830 1,079,175 37.27%
Jul 31 NA NA NA 1,858,544 708,671 38.13%
Jul 28 NA NA NA 1,861,654 1,001,593 53.80%
Jul 27 NA NA NA 1,903,407 713,628 37.49%
Jul 26 NA NA NA 3,324,052 910,488 27.39%
http://nakedshortreport.com/?index=TOPS
'1234jklm', best post I've seen here for a while, thanks. And yes, patience is required here. This is new life changing technology we have occurring here.
'$Pistol Pete$', agree.
'$Pistol Pete$', agree, it's a gift at this level. To good to pass up.
Have a good evening.
'$Pistol Pete$', I've been adding to my PMCB position last week and this week.
'$Pistol Pete$', agree. I'm not going anywhere. Long-term investor here.
I personally like the quietness from PMCB. I prefer the company to only issue a material press release. It's the way to go.
Thinks are cooking behind the scenes. Go PMCB.
DryShips Stock Is Up 50%: Sell on the Surge
BY MarketWatch
— 3:29 AM ET 08/12/2017
Anchors aweigh!
The DryShips ( DRYS saga finally took the turn that so many have lost so much money betting on too early (https:// www.wsj.com/articles/investors-in-dryships-are-not-completely-crazy-1493728379)--a violent rally now that the Greek firm's controversial stock issuance (http://dryships.irwebpage.com/press/drys-081117b.pdf) to Kalani Investments Ltd has ended.
The offshore investment firm, which is known to be controlled by Toronto financier Marc Bistricer, has acted as a conduit for over $600 million in new shares sold (https://www.wsj.com/articles/a-shipping-companys-bizarre-stock- maneuvers-create-high-seas-intrigue-1499960367)with little regard to price. DryShips' ( DRYS shares doubled in early trading Friday after the announcement that the maneuvers that had depressed its value by 99.9% since mid-November 2016 had ended. That still is well short of the stock's current fundamental value on paper after the capital infusion, but investing in DryShips ( DRYS on that basis, or on any basis, remains foolhardy.
The company also announced (http://dryships.irwebpage.com/press/drys-081117a.pdf)Friday, for example, that Chief Executive George Economou, who has enriched himself through various offshore entities tied to DryShips ( DRYS ) while owning very little of the sinking stock, is investing $100 million in the company at a 34% premium to Thursday's closing price. He also is giving existing shareholders the right to invest at the same price (suddenly a discount after Friday's rally).
But Mr. Economou's payment effectively will consist of shipping assets, redeemed loans and a series of preferred stock that had given him super-voting rights that had cemented his control over the company during the rapid dilution.
Lawsuits and the possibility of securities-law violations continue to loom over the company. The Securities and Exchange Commission declined to comment, while the company, Nasdaq(NDAQ) and Mr. Bistricer hadn't responded to questions at the time of publication.
Even without legal blowback, Mr. Economou remains the captain of this ship. That is reason enough for those fortunate enough to have made a quick gain to hop off at the next port.
Write to Spencer Jakab at spencer.jakab@wsj.com (mailto:spencer.jakab@wsj.com)
-Spencer Jakab; 415-439-6400; AskNewswires@dowjones.com
https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=DRYS&storyid=201708120329MRKTWTCHNEWS_SVC000002&provider=MRKTWTCH&product=NEWS_SVC&sb=1
TOPS traded over $2.00 in the pre-mkt.
DryShips plans sale of $100 million worth of stock to group affiliated with CEO
Published: Aug 11, 2017 8:12 a.m. ET
By
TOMI
KILGORE
REPORTER AND EDITOR
DryShips Inc. DRYS, +15.82% said Friday it has approved the sale of $100 million worth of its common stock at $2.75 a share to entities affiliated with Chief Executive George Economou. The price represents a 34% premium to Thursday's closing price of $2.05. The shipping company said it also approved a rights offering allowing shareholders to buy their pro rata portion of up to $100 million worth of stock at $2.75 each. The company plans to use the proceeds from the rights offering will be used for general corporate purposes, vessel acquisitions or to pay down debt. The stock was halted in the premarket for news. It has plunged 99% over the past three months, while the S&P 500 SPX, -1.45% has gained 1.8%. The stock has undergone five reverse stock splits so far this year, effectively increasing the price of each share by a multiple of 7,840.
http://www.marketwatch.com/story/dryships-plans-sale-of-100-million-worth-of-stock-to-group-affiliated-with-ceo-2017-08-11?siteid=yhoof2&yptr=yahoo
DryShips Inc. Announces Termination of the Common Stock Purchase Agreement With Kalani Investments Limited
Marketwired MarketwiredAugust 11, 2017
ATHENS, GREECE--(Marketwired - Aug 11, 2017) - DryShips Inc. ( NASDAQ : DRYS ) ("DryShips" or the "Company"), a diversified owner of ocean going cargo vessels, announces that in connection with the transactions announced earlier today (the "Proposed Transactions"), (i) it has terminated the common stock purchase agreement, dated April 3, 2017, by and between the Company and Kalani Investments Limited, a company organized and existing under the laws of the British Virgin Islands, effective immediately; (ii) Mr. George Economou, the Company's Chairman and Chief Executive Officer, has agreed, either directly or through his affiliated entities, to refrain from re-selling for a six month period any Company common shares to be acquired by him in the Proposed Transactions; and (iii) the Company has agreed not to conduct any equity offerings until after December 31, 2017, without the prior approval of the majority of its unaffiliated shareholders.
https://finance.yahoo.com/news/dryships-inc-announces-termination-common-120100437.html
TOPS way up pre-mkt.
Yep, bought in to early as it seems.
Morgan Stanley filing out a while ago.
https://ih.advfn.com/p.php?pid=nmona&article=75429071
'stock777777', just bought in @ $1.32.
'Lone Wolf', thanks for the "thumbs up".
'Lone Wolf', agree, it's getting close to a buy, but for me not quite yet.
'Lone Wolf', they saw what DRYS did with all the R/S's they did. Investors are afraid to buy hold these Greek shippers for to long.
This will be a buy when the dilution is done. The important question is when is it a buy. I'm watching this one closely.
Form 6-K out this evening
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
TOP Ships Inc. (the "Company") announced today that since July 14, 2017 it has issued and sold 1,299,401 common shares par value $0.01 per share pursuant to its previously announced purchase agreement by and among the Company and Kalani Investments Limited dated February 2, 2017, as amended (the "Purchase Agreement"). As of the date hereof, up to $6.3 million worth of shares is remaining that the Company may sell pursuant to the Purchase Agreement. Mainly as a result of these issuances the Company currently has issued and outstanding 1,925,000 shares. Also, as of the date hereof, the Company has 4,325 Series C convertible preferred shares outstanding.
Furthermore in connection with sales completed under the Purchase Agreement, the Exercise Price (as defined in the Warrant Agreement) of the Warrants (the "Warrants") issued in a public offering by the Company pursuant to the warrant agreement dated June 11, 2014 (the "Warrant Agreement") is adjusted to $1.84 and the number of common shares of the Company purchasable by each Warrant is 1.35 Warrant Shares (as defined in the Warrant Agreement). Also, as previously announced, the issuance of the Series C Preferred Shares constitutes an issuance of Variable Price Securities (as defined in the Warrant Agreement) and that, pursuant to Section 2(d) of the Warrant Agreement, each Holder shall have the right, but not the obligation, to, in any exercise of Warrants, adopt the Variable Price (as defined in the Warrant Agreement) at which the Series C Preferred Shares are convertible as the Exercise Price of the Warrants.
The information herein reflects the previously announced 1-for-30 reverse stock split effected on August 3, 2017.
The information contained in this report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-215577) that was filed with the SEC and became effective on February 1, 2017.
https://ih.advfn.com/p.php?pid=nmona&article=75409658
'1234jklm', fully agree. It's been way to quiet. Great things are happening behind the scenes here.
From Facebook, refer below:
Austrianova
7 hrs ·
Exciting new opportunities and partner for encapsulated stem cell applications - watch this space!
New from Seeking Alpha
DryShips - Updating My Projections After Tuesday's 63% Rally
Aug. 2, 2017 9:10 AM ET|10 comments| About: DryShips Inc. (DRYS)
Henrik Alex
Henrik Alex
Momentum, event-driven, short-term horizon, tech
(2,681 followers)
Summary
Stock stages violent rally, validating my thesis around a promising trade on the long side.
Risk of reverse split announcement considerably reduced.
Updating share count projections.
Discussing major risk factors and further catalysts.
Finally entered a long trade in the shares.
Note:
I have previously covered DryShips (NASDAQ:DRYS), so investors should view this article as an update to my earlier publishings on the company.
Tuesday's action in DryShips' shares pretty much validated my thesis on traders and speculative investors starting to position in the stock as the ongoing equity offering is moving closer to the finish line.
After successfully defending the $1 mark in Monday's session, the shares witnessed strong buying interest on heavy volume out of the gate. The stock finished the session being up a whopping 63% with 37.5 million shares having changed hands.
Photo: Recently acquired Newcastlemax Bulk Carrier "Super Star" - Source: BalticShipping.com
Undoubtedly, the shares will experience another wild ride on Wednesday as the stock has now popped back up on the screens of momentum traders.
With increased volume at much higher prices, Kalani might be in the position to accelerate the pace of their share sales without requiring DryShips to conduct another reverse split.
I am currently estimating Kalani having sold another 6 million shares into the market over the past two sessions for gross proceeds to DRYS of $7.5 million, bringing the share count to approximately 31 million and leaving roughly $34 million in equity still to be sold under the current offering.
Given recent and expected forward trading patterns, I am lowering the expected final share count under my best-case scenario from 60 to 55 million for a projected net asset value of close to $9 per share with the stock still trading at a more than 80% discount, even after Tuesday's major rally.
Moreover, I also adjusted both my base and worst case scenario considerably:
Best Case Base Case Worst Case
Share Count 55 million 65 million 80 million
NAV per Share $8.90 $7.50 $6.10
Keep in mind that I deducted 10% of the calculated net asset value to account for potential overpayments with regards to vessels acquired from CEO George Economou's private entities.
I continue to expect the offering to be finished over the next 2-3 weeks.
Unfortunately, I missed out on most of Tuesday's rally as I was still hoping for DryShips being forced to conduct another reverse split over the next couple of sessions but admittedly, yesterday's price action has moved the stock a good chunk away from reverse split territory.
Given the heavy volume and very strong price action, I decided to take an initial position after the shares easily cleared the $1.50 level in afternoon trading and added some more shares around the $1.60 level going into the close. I took some nice gains off the table in the after hours session at above $1.80.
As of the time of this writing with one hour to go until market opens, the stock is acting disappointingly in slow pre-market trading, currently down a few percent. Should the stock fail to hold the $1.50 mark in early trading, I will dispose of my remaining shares and wait for a better re-entry as Kalani might very well use the increased volume to sell a larger amount of shares into the market once regular trading will commence.
That said, it is important to weigh the risk factors against potential additional catalysts:
RISK FACTORS:
Buying pressure and volume abate
Kalani increasing pace of share sales
Reverse split announcement
Recent rally reduces potential upside
Other negative news (e.g. lawsuits, SEC action, etc.)
CATALYSTS:
Higher volume accelerates the closing date of the ongoing equity raise
Higher share price reduces estimated dilution
Reverse stock split much more unlikely at this point
Company securing additional third party credit commitments
Improved quarterly results
Official company statement to abstain from further equity raises for now
George Economou taking an equity stake in the company
Some readers might also point to the risk of DryShips entering into just another equity purchase agreement with Kalani directly after the current offering has closed.
While clearly a valid concern, in the past, there have always been some weeks between the closing of an equity raise and the announcement of a new one. Remember also that George Economou needs to regain control of the company after the frequent reverse splits have also decimated his once powerful supervoting preferred shares far below the required threshold.
That said, I remain highly skeptical on the ongoing chatter of George Economou potentially taking an equity stake in the company, this move could easily double, triple or even quadruple the share price in no time, so this remains the big wild card for DryShips shareholders.
Bottom line:
Well, I am in. At least for now. Yesterday's violent rally occurred much earlier than originally expected by me, causing me to alter my plans and taking a higher level of risk than I would have liked thus the decision to already take some of my initial gains off the table.
As the current offering is moving closer to the finish line, I continue to expect increased volatility and trading volume due to even more traders and speculative investors pouring into the stock. Moreover, today's price action has vastly decreased the risk of the company being forced to conduct another reverse stock split, at least for now.
Remember, this is, by no means, a fundamental call, just a trade on a potential recovery in the stock given the still large discount to projected net asset value per share and my anticipation of the company not following through with another Kalani transaction anytime soon and moreover, management being vocal about the issue.
That said, long-term investors shouldn't touch DryShips with a ten foot pole as I fully expect George Economou to continue to extract value from the company at the expense of common shareholders over time as he has already done for more than a decade now.
I will continue to update investors as the ongoing equity offering moves even closer to completion, so stay tuned.
Disclosure: I am/we are long DRYS.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: As a daytrader, I might chose to sell the disclosed long or even enter a short position at any time.
Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
https://seekingalpha.com/article/4093611-dryships-updating-projections-tuesdays-63-percent-rally
Here's who it is, the naked shorters with phantom shares.
Historical Naked Short Vol Data for DRYS
Date Close High Low Volume Short Volume % of Vol Shorted
Jul 31 NA NA NA 4,356,577 2,437,434 55.95%
Jul 28 NA NA NA 9,056,925 4,543,181 50.16%
Jul 27 NA NA NA 11,847,675 6,554,555 55.32%
Jul 26 NA NA NA 8,139,210 4,294,609 52.76%
Jul 25 NA NA NA 8,835,657 3,855,948 43.64%
Jul 24 NA NA NA 18,802,642 9,438,036 50.20%
Jul 21 NA NA NA 18,381,954 8,123,713 44.19%
Jul 20 NA NA NA 5,848,800 2,528,462 43.23%
Jul 19 NA NA NA 7,100,337 2,973,331 41.88%
Jul 18 NA NA NA 2,321,125 1,039,064 44.77%
Jul 17 NA NA NA 3,700,640 1,630,718 44.07%
Jul 14 NA NA NA 6,374,895 2,329,334 36.54%
Jul 13 NA NA NA 4,214,051 1,348,882 32.01%
Jul 12 NA NA NA 4,215,634 1,165,280 27.64%
Jul 11 NA NA NA 3,667,260 1,551,926 42.32%
Jul 10 NA NA NA 3,260,718 1,174,641 36.02%
Jul 07 NA NA NA 3,310,060 1,290,206 38.98%
Jul 06 NA NA NA 4,409,520 1,687,161 38.26%
Jul 05 NA NA NA 12,772,928 4,261,296 33.36%
Jul 03 NA NA NA 2,824,058 1,049,289 37.16%
http://nakedshortreport.com/?index=DRYS
'scottydoesntknow', thanks for the link.
'29YEARINVESTOR', Wow, lots of "naked shorting" here. Now I know where the volume has come from.
Historical Naked Short Vol Data for DRYS
Date Close High Low Volume Short Volume % of Vol Shorted
Jul 28 NA NA NA 9,056,925 4,543,181 50.16%
Jul 27 NA NA NA 11,847,675 6,554,555 55.32%
Jul 26 NA NA NA 8,139,210 4,294,609 52.76%
Jul 25 NA NA NA 8,835,657 3,855,948 43.64%
Jul 24 NA NA NA 18,802,642 9,438,036 50.20%
Jul 21 NA NA NA 18,381,954 8,123,713 44.19%
Jul 20 NA NA NA 5,848,800 2,528,462 43.23%
Jul 19 NA NA NA 7,100,337 2,973,331 41.88%
Jul 18 NA NA NA 2,321,125 1,039,064 44.77%
Jul 17 NA NA NA 3,700,640 1,630,718 44.07%
Jul 14 NA NA NA 6,374,895 2,329,334 36.54%
Jul 13 NA NA NA 4,214,051 1,348,882 32.01%
Jul 12 NA NA NA 4,215,634 1,165,280 27.64%
Jul 11 NA NA NA 3,667,260 1,551,926 42.32%
Jul 10 NA NA NA 3,260,718 1,174,641 36.02%
Jul 07 NA NA NA 3,310,060 1,290,206 38.98%
Jul 06 NA NA NA 4,409,520 1,687,161 38.26%
Jul 05 NA NA NA 12,772,928 4,261,296 33.36%
Jul 03 NA NA NA 2,824,058 1,049,289 37.16%
http://nakedshortreport.com/?index=DRYS
'BoilerRoom', it's going to be adorable soon.
'BoilerRoom', agree and I'm sure Mr. GE and his attorneys are aware of this also. R/S's are done for now.
'BoilerRoom', agree boiler. Also if a RS would occur now there would hardly be any outstanding shares left for any one to purchase or short. GE knows this also.
'choo choo trader', Kalani could do exactly what you stated here. Any large investor could take care of the 41 mil.
At this point in time anything can happen. I would not want to be short this at the moment. It's going to get very interesting soon.
I've noticed the sediment on this board has turned around to the long side here, even the BoilerRoom.
'ecmoney', I'm already loaded up. I'm down $3000.00 now but this will change soon. I got in about three days early.
'ecmoney', agree with your post. This is about to change soon. It will be great to watch the short covering happen.
'Lone Wolf', agree, that's what I thought when I saw the outstanding count that came out in the 6-K this evening. Agree, there has to be a lot of "naked shorting" going on here.
When the company issues a press release stating the dilution is done this thing will virtually explode.
What I would love to see the company issue a press release stating that an institutional investor purchased the remainder 41 mil. This could really happen.
'ecmoney', as of tonight per the SEC 6-K that came out this evening.
O/S = 25,079,003. Make me wonder where all the shares traded this week came from.
Following the settlement for all of such Shares sold as of the date hereof, the Company will have a total of 25,079,003 shares of common stock outstanding. As of the date hereof, up to $41.4 million of the Shares is remaining that the Company may sell pursuant to the Purchase Agreement.
https://ih.advfn.com/p.php?pid=nmona&article=75337624
'ronnies', if the company does not have another round of toxic financing, then even if this splits the share price will catch up to the NAV soon and will trade much higher than it currently does.
Now if the company decides to RS and do another round of toxic financing, we are screwed. I do not think this is likely though. It's all a "roll of dice".
'ronnies', the remainder will get done over $1.00 a share.